Report: Medicare expenses on path to consume entire amount of Social Security checks

Medicare premiums are taking a bigger bite out of Social Security checks, with the typical 65-year-old expected to spend 37% of their Social Security income on Medicare premiums, co-payments and out-of-pocket expenses by 2006, a new report says. That figure is expected to rise to 40% by 2011, to 50% by 2021, and unless Congress does something about it, the expenses are expected to consume nearly the entire amount of Social Security benefits when children born today reach retirement age.